Luxury redefined: Canada’s top market shifts unevenly from coast to coast

Real estate prices in Canada have risen across the board, but the impact on luxury homes has been uneven.

In some markets, rising values ​​and pandemic-era demand have definitely lifted the top end of the economy to new levels. In other countries, the definition of luxury has changed much less, even as prices rose in the rest of the market.

Luxury from coast to coast

Luxury sales data can be difficult to pin down due to the large number of off-market transactions, but figures collected by Real Estate Magazine paint a diverse landscape for prime real estate properties across the country.

According to real estate platform and broker HouseSigma, the number of urban home sales in Ontario above $5 million has increased 220 percent over the past decade, from 78 in 2015 to 251 in 2025.

Sales above $10 million showed a similar trajectory, growing 280 percent from six to 23 over the same period.

But not all markets have had a linear trajectory. British Columbia’s metro areas saw home sales declines of more than $5 million and $10 million by about 30 per cent over the past decade, HouseSigma data shows. There were 226 homes sold for more than $5 million this year (vs. 373 in 2015) and 20 for more than $10 million (vs. 32).

At the same time, things are heating up outside Canada’s two most expensive provinces.

The biggest sale of 2025 for Engel & Völkers’ affiliated brokerage firms were based in Montreal, with just under $41 million – one of the largest transactions in the country this year.

According to HouseSigma, Alberta had one sale over $10 million in 2025.

On the East Coast, Halifax’s luxury market is showing signs of maturity, with about 25 homes on or immediately around the peninsula closing at prices above $1 million in the past 90 days, according to ViewPoint.ca.

Defining luxury towards 2026

Andrew Carros, COO and private office consultant at Engel & Völkers Vancouver, said Alberta, BC, Nova Scotia and Ontario all have “completely different” demographics governing their marketplaces, “so they should never be compared.”

In general, he challenges the idea that certain price levels constitute luxury.

He said a house might have a higher price tag of $4 million, but if it’s on a standard-sized lot in a neighborhood with similar houses all around, and no one wants it, it’s not a luxury.

“What is luxury in Vancouver is the waterfront,” he said. “There is very little real waterfront in Vancouver because of our seawalls and the way the city is planned. You’re always going to get higher dollar amounts for those really luxury properties that are unique.

Larger plots, top floor views and extensive outdoor space are all things that can put a particular property in the luxury category.

“As long as it’s special,” he said.

Halifax triples sales from more than $1 million in five years

Nova Scotia’s luxury real estate market has grown strongly over the past decade, with sales activity accelerating following the pandemic and remaining strong despite some recent moderation.

Sotheby’s International Realty Canada expanded to Halifax in 2022, led by husband and wife team Angie Bryant and Scott Bryant, reflecting the growing strength of the province’s luxury market.

Ten years ago, broker and senior vice president of sales Angie Bryant would have classified luxury in her market as around $800,000. She has since shifted her definition to seven figures.

While most luxury listings are in the Halifax area, some of the activity is concentrated along the South Shore, including quaint coastal communities like Chester.

According to the Nova Scotia Association of Realtors, there were 32 home sales over $1 million in 2015. By 2020, that number had increased to 94. The pace has continued to accelerate, with 320 sales over $1 million by December 2025, effectively tripling again in the past five years.

The pandemic marked a turning point for the province, drawing attention to Nova Scotia’s space, affordability and lifestyle. Bryant said buyers were increasingly motivated by “a relaxed, slower lifestyle.”

Demand has been particularly strong from the East Coast of the United States, which remains an important supply market, she said. One of the largest luxury transactions this year was an island sale in Mahone Bay for more than $8 million to Virginia buyers, she said.

Buyers take their time

Today’s luxury buyers are not as harried or speculative as they were during the 2021-2022 “gold rush,” says Don Kottick, president of Remax Canada.

He noted that the “continued tax burden” by municipal governments is a drag on the luxury market. In Toronto, Mayor Olivia Chow has asked city councilors for approval higher graduated rates for properties valued at more than $3 million.

Remax predicts a turnover increase of 3.4 percent in 2026. While the key drivers impacting the conventional market are different from those of the luxury market (the ultra-wealthy tend not to need mortgages), Kottick still expects “some positive movement” at the top end of the market next year.

Carros, Bryant and Kottick saw some similarities in their local markets, including low interest in refurbishing products compared to the market a few years ago, when inventory was tight and buyers had to act with more urgency.

They also noted that the bulk of today’s buyers are of luxury domestic goods.

The federal ban on foreign ownership expires on January 1, 2027. In June, Richard Silver of Sotheby’s wrote an open letter to Prime Minister Mark Carney requested that the ban be lifted earlier.